Sun Communities Operating Ltd. Partnership: Update to credit analysis following ratings affirmation
Our credit view of this issuer reflects its resilient cash flows driven by healthy sector fundamentals, constrained by its high secured debt levels.Sun Communities is a self-administered and self-managed real estate investment trust. The company is engaged in acquiring, operating, developing manufactured housing (MH) and recreational vehicle (RV) communities. An MH community is a residential subdivision designed and improved with sites for the placement of manufactured homes, related improvements, and amenities. Modern MH communities contain improvements similar to other garden style residential developments, including centralized entrances, paved streets, curbs, gutters, and parkways.An RV community is a resort or park designed and improved with sites for the placement of RVs for varied lengths of time.
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